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ONGC Shares Rise As Cyprus Unit To Merge Five Step-Down Subsidiaries With Itself

Oil and Natural Gas Corp. jumped to an over-nine-year high on Tuesday after shareholders of Imperial Energy Ltd., its Cyprus unit, approved merging five of its step-down businesses with itself.

Imperial Energy Ltd., a subsidiary of ONGC Videsh Ltd., has a total of seven step-down subsidiary businesses in Cyprus and Russia. Out of the seven, five will be merged, ONGC said in an exchange filing on Monday. ....

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ONGC arm Imperial Energy to merge 5 subsidiaries with itself, save ₹2 crore per year

Shares of Oil and Natural Gas Corporation Ltd ended at ₹274.70, up by ₹0.20, or 0.073% on the BSE. ....

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